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Social Trading Apps Near $1.3B Weekly Volume, Next Roaring Kitty Could Emerge

OdailyOdaily
PUMPUSDT--HYPEUSDT--BTCUSDT--

Odaily News: Ryan Watkins, co-founder of Syncracy Capital, said that social trading apps will integrate market data, public trading records, discussions, and trade execution functions. In the future, individual traders showcasing nine-figure trading results, P&L list users gaining significant attention, and online groups controlling large amounts of capital may emerge. The next Roaring Kitty could appear through social trading apps.

DefiLlama data shows that for the week ending Aug. 24, weekly trading volume on social trading apps approached $1.3 billion. The daily active users of Fomo and Pump are close to those of Polymarket, Hyperliquid, and Phantom, with each platform having approximately 60,000 to 100,000 users. Social trading apps account for about 33% of Hyperliquid's developer-coded trading volume.

Pump has paid over $450 million in rewards to token deployers, and users typically pay a 2% to 3% fee when swapping Meme coins. The U.S. Securities and Exchange Commission (SEC) has warned that social media recommendations may involve pump-and-dump schemes, undisclosed promotions, scalping, and impersonation. Insufficient liquidity in Meme coins could also limit large-scale copy trading. (Bitcoin.com News)

This content is for informational and educational purposes only and does not constitute investment advice related to BTCC. BTCC makes every effort but cannot guarantee the truthfulness, accuracy, or originality of the content above.